Seeing how it's not an official update, it has helped some with data issues, me included. It was an accidental leak. No one knows for sure what the next update will be and when. 50/50 whether it will help you or not.

No, you don't have to be rooted. Basically you move a zip file into your phone's SD-EXT card, power off and reboot into recovery mode. The Bionic does the rest, with the whole procedure taking 10 minutes (6 of which is the phone rebooting after installation).